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Help Please! on self employed return and capital allowance

  • Member
  • Practice Licence
  • 14 posts
  • # 120466

Please can someone offer help

 

My nephew is newly self employed -  His business is very simple and paid by by the hour and started in January 2021

 

For this first year he has purchased computers and printers to a value of £3k   His return will be  as a cash basis.   Does this mean that he cannot use the WDA on capital purchases?     It seems such a waste to write off the £3k which provides no benefit as this year his earnings are below the personal allowance.  Whereas if he can use the WDA then he can at least claim over the next few years.

 

Any help would be very much appreciated.  I'm finding it hard to understand the ruling on the HMRC website 

 

Many thanks

  • Fellow
  • Practice Licence
  • 1 post
  • # 120496

He cannot claim WDA if using the cash basis, he can only claim capital allowances on cars. 



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